TORONTO, Sept. 18, 2017 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) announced that construction at the Company’s 100%-owned Amulsar Gold Project is proceeding as planned. Earthworks are continuing at all elevations, and construction activities are now transitioning to concrete work at several key areas and to equipment assembly.
Howard Stevenson, President and Chief Executive Officer of Lydian, said, "Construction at Amulsar is advancing as expected. Earthworks accelerated throughout the summer and several key platforms are now complete. Concrete work has started along the conveyor corridor and for the ADR plant. By early next quarter we will also be pouring concrete for the crushing plant. Assembly of the conveyor galleries has started and mobile mining equipment is being assembled as it arrives to site. We are pleased to be achieving these important milestones.”
Materials Handling System
Major pieces of equipment for the crushing and screening plant continue to arrive at site, including a second cone crusher, primary crusher apron feeder, and the crusher dust suppression system. The final cone crusher and all crusher motors are expected to be delivered this quarter. Fabrication of 290 overland conveyor precast concrete foundation blocks is complete and placement has commenced. Assembly of conveyor galleries and preparation for placement on the foundation blocks has started. Installation will begin during Q4 2017.
Approximately 70 percent of structural steel for the crushing plant has been delivered to site, with the remaining supply expected to arrive this quarter. Of the 80 truckloads of modular overland conveyor gallery components, 45 are in route to site for delivery this quarter. The supply of in-plant conveyors for the crushing plant are scheduled for delivery in Q4 2017.
Shipments and deliveries of the Caterpillar mine mobile equipment remain on schedule. A 773 water truck was commissioned and placed in service this quarter. Delivery of the 6040 shovel, four 789D haul trucks, and a 994 wheel loader are on schedule for delivery as planned. One additional 773 water truck and five more 789D haul trucks are expected to arrive during Q4 2017. Construction of the mine haul road continues to advance with cut and fill operations. Initial access along the west face of Erato is nearing completion, which will support acceleration of work at higher elevations. Once the early deliveries of the mobile mining fleet are commissioned, Lydian plans to supplement construction of the mine haul road with this equipment.
Heap Leach Facility
Construction earthworks are advancing with the dam raise, toe-bench embankment back fill, and preparation of the sub-base for the geomembrane. Installation of primary underdrain piping is complete and installation of the secondary piping network has commenced. Fabrication of the geomembrane liner continues with delivery and installation expected to commence as early as Q4 2017.
Processing (ADR) Plant
A batch plant is assembled and operational adjacent to the ADR platform. The first concrete pour for equipment foundations was completed. Fifteen containers of pre-assembled modules for the carbon-in-column and regeneration circuits have shipped from the manufacturer for delivery during Q4 2017 and an additional 16 containers of gold recovery equipment and materials is scheduled to ship within the coming few weeks.
Other earthworks are advancing on plan for the truck shop, administrative facilities, and mine warehouse platforms. Construction of the residence camp is complete and contractor personnel have started to occupy this facility. Galvanized steel structures for the main 110kV substation switches have been received, and the modular e-house for the crusher area and all plant transformers have shipped from the manufacturer.
About Lydian International Limited
Lydian is a gold developer, focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar presents an opportunity for a large-scale, low-cost operation with production expected to begin in mid-2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia’s largest gold mine, with estimated mineral resources containing 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces. Gold production is targeted to average approximately 225,000 ounces annually over an initial 10-year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the life of mine. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.
For further information, please contact:
|Doug Tobler, CFO|
+1 720-307-5087 (d) or +1 303-905-4442 (m)
|Pamela Solly, Vice President of Investor Relations|
+1 720-464-5649 (d) or +1 303-810-4863 (m)
Cautionary Note Regarding Forward-looking Information
Certain information contained in this news release is "forward looking". All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might", or “will”, "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the general development of the Amulsar Gold Project (including, but not limited to, infrastructure, mine operations, systems, facilities, plants, equipment and employment); the economic and resource potential of the Amulsar Gold Project; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project; the current Amulsar Gold Project construction schedule; results of future exploration and drilling; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; and the expected mining methods at the Amulsar Gold Project. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed.
All forward-looking statements in this news release are based on the opinions and estimates made as of the date such statements and are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Armenia; taxation; changes in gold and silver prices; adverse general economic, market or business conditions; changes to the Company's mine plan; the speculative nature of mineral exploration and development; diminishing quantities or grades of reserves and resources; and failure to improve average annual production and extend the Amulsar Gold Project mine life through the evaluation of defined inferred resources and from open extensions at depth. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.